Business
UPDATED: 13:02, August 21, 2006
Vietnam to lower tariffs on 400 items next month http://english.peopledaily.com.cn/200608/21/eng20060821_295303.html
Vietnam will from Sept. 15 reduce import taxes on 400 goods, including electronics, refrigerators, automobile parts and motorbikes, as part of international commitments, local newspaper Vietnam News reported Monday.
Tariffs on household electronics will be slashed to 30-40 percent from current 40-50 percent, and those on motorbikes to 90 percent from 100 percent, the paper quoted sources from the country's Finance Ministry.
Input materials used in the aviation sector and some other industries, which cannot be domestically produced, will enjoy larger tax cuts: down from current 20-40 percent to 0-5 percent.
Vietnam imported goods worth nearly 24.8 billion U.S. dollars in the first seven months of this year, posting year-on-year rise of 16.5 percent, according to the country's General Statistics Office.
Source: Xinhua
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